12.07.2015 Views

Justice William Charles Crockett AO - Victorian Bar

Justice William Charles Crockett AO - Victorian Bar

Justice William Charles Crockett AO - Victorian Bar

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with this item and his or her charge shall be 0.55 per centumupon the amount of the renewed loan.273. (1) If a legal practitioner negotiates for or procures anagreement for a loan for his or her client being the borroweror mortgagor through the agency of any person(other than a legal practitioner) to whom a procurationfee is payable then he or she shall only be entitled toremuneration in accordance with the First Schedulein respect of negotiating for or procuring such agreement.(2) If a legal practitioner negotiates for or procures anagreement for a loan for his or her client being theborrower or mortgagor through the agency of anotherlegal practitioner then the remuneration provided byitem 272 shall be divided between the legal practitioners,two-thirds being payable to the legal practitionerfor the mortgagee and one-third to the legal practitionerfor the mortgagor.274. The remuneration prescribed under item 272 or 273 shallnot include disbursements reasonably incurred in travellingfrom any place of business and home respectively of suchlegal practitioner and disbursements otherwise reasonablyincurred in the inspection of the property mortgaged orcharged and in procuring the agreement for the loan whichdisbursements may be charged in addition to the remunerationso prescribed.PART B — FOR NEGOTIATING FOR OR PROCURING ANAGREEMENT FOR A LOAN WHEN THE MONEY IS IN FACTLENT AND THE LEGAL PRACTITIONER OR THE LEGALPRACTITIONER’S NOMINEE COMPANY IS EITHER THELENDER OR ONE OF THE LENDERS275. When the legal practitioner, or a nominee company of whichthe legal practitioner or a partner of the legal practitioneris a director, is either the lender or one of the lenders noremuneration shall be charged for negotiating or procuringthe loan, except in the following cases:(a) when the legal practitioner arranges and obtains theloan from a person for whom he or she acts and subsequentlyby arrangement with his or her client lends themoney and executes or signs the security in his or herown name or the name of a nominee company of whichhe or she or his or her partner is a director, he or she orsuch nominee company being in fact trustee or agentfor the person aforesaid; or(b) when the legal practitioner contributes portion ofthe money in fact lent, and arranges and obtains theremaining portion from another person not being his orher partner as a legal practitioner, not being a co-trusteewith him or her in relation to the money lent.276. In either of the foregoing cases a charge for negotiating orprocuring an agreement for a loan may be made at the rateprescribed in Part A in respect of the amount so obtainedfrom such other person.Note:If a legal practitioner negotiates for or procures an agreementfor the renewal of a loan from such other person he orshe shall not in respect thereof be entitled to charge remunerationin accordance with item 272 and his or her chargeshall be 0.55 per centum upon the amount of the renewedloan. 19

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